Gateway Investment Advisers LLC Sells 327 Shares of Corteva, Inc. (NYSE:CTVA)

Gateway Investment Advisers LLC lowered its stake in shares of Corteva, Inc. (NYSE:CTVA) by 0.1% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 334,224 shares of the company’s stock after selling 327 shares during the period. Gateway Investment Advisers LLC’s holdings in Corteva were worth $19,037,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. KBC Group NV grew its position in Corteva by 267.3% during the third quarter. KBC Group NV now owns 1,120,104 shares of the company’s stock valued at $65,851,000 after acquiring an additional 815,135 shares during the last quarter. Oak Thistle LLC bought a new position in shares of Corteva during the 4th quarter valued at $1,514,000. Charles Schwab Investment Management Inc. raised its position in Corteva by 1.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,523,996 shares of the company’s stock worth $265,966,000 after purchasing an additional 66,052 shares during the period. Thrivent Financial for Lutherans boosted its position in Corteva by 16.1% during the third quarter. Thrivent Financial for Lutherans now owns 1,025,266 shares of the company’s stock valued at $60,275,000 after buying an additional 141,898 shares during the period. Finally, S.E.E.D. Planning Group LLC boosted its position in Corteva by 54.5% during the fourth quarter. S.E.E.D. Planning Group LLC now owns 96,103 shares of the company’s stock valued at $5,474,000 after buying an additional 33,886 shares during the period. 81.54% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CTVA has been the subject of a number of recent research reports. Citigroup lowered their target price on Corteva from $70.00 to $69.00 and set a “buy” rating for the company in a research note on Wednesday, December 18th. UBS Group lowered their price objective on Corteva from $74.00 to $73.00 and set a “buy” rating for the company in a research report on Friday, January 10th. Morgan Stanley restated an “overweight” rating and issued a $65.00 target price on shares of Corteva in a report on Tuesday, September 24th. Royal Bank of Canada upped their price target on shares of Corteva from $68.00 to $73.00 and gave the company an “outperform” rating in a report on Thursday, December 19th. Finally, Oppenheimer reissued an “outperform” rating and issued a $70.00 price target (up previously from $69.00) on shares of Corteva in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Corteva has an average rating of “Moderate Buy” and a consensus target price of $65.47.

Corteva Price Performance

CTVA opened at $61.62 on Friday. Corteva, Inc. has a 12-month low of $44.01 and a 12-month high of $64.20. The company has a market cap of $42.35 billion, a price-to-earnings ratio of 62.24, a price-to-earnings-growth ratio of 1.49 and a beta of 0.77. The company has a current ratio of 1.50, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08. The stock has a fifty day simple moving average of $58.82 and a two-hundred day simple moving average of $56.96.

Corteva announced that its Board of Directors has authorized a share buyback program on Tuesday, November 19th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 7.5% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its shares are undervalued.

Corteva Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were given a dividend of $0.17 per share. The ex-dividend date was Monday, December 2nd. This represents a $0.68 dividend on an annualized basis and a yield of 1.10%. Corteva’s dividend payout ratio (DPR) is currently 68.69%.

Corteva Profile

Corteva, Inc operates in the agriculture business. It operates through two segments, Seed and Crop Protection. The Seed segment develops and supplies advanced germplasm and traits that produce optimum yield for farms. It offers trait technologies that enhance resistance to weather, disease, insects, and herbicides used to control weeds, as well as food and nutritional characteristics.